09.03.201805:03:00UTC+00UK Industrial Production Rebounds In January

UK industrial production rebounded in January on oil and gas extraction, the Office for National Statistics reported Friday.

Industrial output grew 1.3 percent month-on-month in January, offsetting December's 1.3 percent decrease. Output was forecast to grow 1.5 percent.

Meanwhile, growth in manufacturing output eased to 0.1 percent from 0.3 percent in December. The rate was also weaker than the expected 0.2 percent.

Oil and gas extraction surged 32.3 percent, following a sharp decrease of 24.2 percent in November.

Year-on-year, industrial output advanced 1.6 percent after staying flat in December. At the same time, manufacturing grew at a faster pace of 2.7 percent, following prior month's 1.4 percent increase.

In a separate communique, the ONS said construction output contracted 3.4 percent on month in January after rising in the previous two months.

Further, data showed that construction output logged its biggest annual decline since March 2013. Output was down 3.9 percent in January.